
\begin{table}[htbp]
\begin{center}
\begin{scriptsize}
\begin{tabular}{l D{.}{.}{4.5} D{.}{.}{4.5}}
\toprule
 & \multicolumn{1}{c}{(1)} & \multicolumn{1}{c}{(2)} \\
\midrule
Losses Cycle$_{t-1}$                                    & 0.64^{***}              & 0.64^{***}              \\
                                                        & (0.02)                  & (0.02)                  \\
GDP Output Gap$_{t-1}$                                  & 0.02                    & -0.03^{**}              \\
                                                        & (0.04)                  & (0.01)                  \\
Fixed Term                                              & -0.02                   &                         \\
                                                        & (0.08)                  &                         \\
State Capacity$_{t-1}$                                  & -0.12^{**}              & -0.12^{**}              \\
                                                        & (0.05)                  & (0.05)                  \\
Imports$_{t-1}$                                         & 0.00^{**}               & 0.00^{**}               \\
                                                        & (0.00)                  & (0.00)                  \\
Exports$_{t-1}$                                         & -0.00^{*}               & -0.00^{*}               \\
                                                        & (0.00)                  & (0.00)                  \\
Population (log)$_{t-1}$                                & 0.03                    & 0.05                    \\
                                                        & (0.14)                  & (0.15)                  \\
Real GDP per capita (log)$_{t-1}$                       & 0.00                    & 0.02                    \\
                                                        & (0.08)                  & (0.09)                  \\
Electricity Consumption$_{t-1}$                         & -0.00                   & -0.00                   \\
                                                        & (0.00)                  & (0.00)                  \\
Population Density$_{t-1}$                              & -0.00                   & -0.00                   \\
                                                        & (0.00)                  & (0.00)                  \\
Fixed-Term $\times$ GDP Output Gap$_{t-1}$              & -0.06                   &                         \\
                                                        & (0.04)                  &                         \\
Years left in Term$<=2$                                 &                         & -0.00                   \\
                                                        &                         & (0.02)                  \\
Years left in Term$<=2$ $\times$ GDP Output Gap$_{t-1}$ &                         & -0.01                   \\
                                                        &                         & (0.01)                  \\
\midrule
Year dummies                                            & \multicolumn{1}{c}{Yes} & \multicolumn{1}{c}{Yes} \\
Country fixed-effects                                   & \multicolumn{1}{c}{Yes} & \multicolumn{1}{c}{Yes} \\
Number of countries                                     & 61                      & 61                      \\
Adj. R$^2$                                              & 0.49                    & 0.49                    \\
Num. obs.                                               & 1366                    & 1347                    \\
\bottomrule
\multicolumn{3}{l}{\tiny{$^{***}p<0.01$; $^{**}p<0.05$; $^{*}p<0.1$}}
\end{tabular}
\end{scriptsize}
\caption{Cyclicality of Electricity Losses in Democracies Moderated by Time Left in Offfice and Fixed Term Incumbency}
\label{tab:elections}
\end{center}
\end{table}
